Newly-listed Indochine Mining revives Mount Kare gold mine


After a troubled history, the gold mine at Mount Kare in Enga Province was now back on track, Stephen Promnitz, Chief Executive Officer of Indochine Mining, told delegates at the Papua New Guinea Advantage 2103 investment summit this week.

Indochine Mining's Stephen Promnitz addresses delegates at this week's Papua New Guinea Advantage summit

Indochine Mining’s Stephen Promnitz addresses delegates at this week’s Papua New Guinea Advantage summit

Promnitz and a team from Indochine attended the summit to brief delegates on the project and to support Indochine’s listing last Friday on Port Moresby’s stock exchange, POMSoX.

Speaking at the summit dinner, Promnitz expressed the hope that gold production of between 170,000 and 200,000 ounces per annum could commence as early as 2015. He said the company had worked hard to secure the support of local communities and had assembled an experienced team to manage community expectations.

He said Indochine’s listing was the culmination of much work since it acquired 100% of Mount Kare in 2011.

The subject of a chaotic gold rush in 1988–1989, the Mount Kare project was abandoned by then-CRA (now Rio Tinto) before changing hands a number of times. The POMSoX listing is a personal milestone for Promnitz, who worked for CRA as a geologist on the original Mount Kare project.

The miner is the exchange’s first new listing this year. However, POMSoX’s General Manager Geoff Mason told Business Advantage PNG he expected more listing activity soon.

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